Diehl will make $1 million this season, down from the $4.475 million he was scheduled to make. This allows the team to clear salary cap space.

From the Daily News report:

As part of the “restructuring” the Giants also guaranteed $200,000 of his $1 million salary, essentially turning it into a bonus. The pay cut also lowers Diehl’s salary cap number from $6,903,125 to $3,428,125 – clearing a much-needed $3.475 million in room for the Giants under the NFL’s $123 million salary cap.

Diehl, 32, played in 13 games last season, starting nine contests. He has started 149 of the 153 games he has played in over 10 seasons.